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UK house price growth hits seven-year low, as inflation cools – business live

Rolling coverage of the latest economic and financial news, including new data showing the cost of living in Britain

1.27pm BST

The drop in UK house price inflation will be welcome news to those hoping to get onto the property ladder, but it’s still a stretch.

Although wages are now outpacing house price growth, affordability is still a huge issue – not least in London, as the Resolution Foundation explain here:

But despite the slowdown in house price growth – and a welcome pick up in earnings growth – the gap between growth in house prices and earnings since 2011 remains huge. pic.twitter.com/vsSxZEndaP

But across London, pay growth has only just started outpacing house price growth. The bigger picture is that since early 2011 house prices have increased six times faster than earnings in the capital. Home ownership in London remains far out of reach for many families. pic.twitter.com/dM038RRUkD

1.08pm BST

What does Brexit uncertainty mean in practice?

The heightened political and Brexit uncertainty, as to both outcome and timing, is adversely affecting customer confidence. We are not anticipating any improvement in this for the rest of our financial year.”

“Brexit is one of the most significant economic events for the UK, and at the date of this report its effects are subject to unprecedented levels of uncertainty of outcomes …

An interim review cannot be expected to predict the unknowable factors or all possible future implications for a company and this is particularly the case in relation to Brexit.

Related: Car dealer Pendragon predicts bleak year as it reports first-half loss

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